XRP Drops 3% as Support Breaks, Market Cap Shrinks by $6B
XRP slid 2.7% over the past 24 hours, falling to $2.20 after breaking below a key support level at $2.21, as sustained selling pressure erased over $6 billion in market capitalization. The move extended XRP’s weekly loss to nearly 10%, with the token now trading near a one-month low.
Trading volumes surged past 1.2 million XRP during the drop, particularly between 01:45 and 02:00 UTC, where price action followed a sharp decline from $2.269 to $2.190. The drop was accompanied by a spike in short interest, as open interest in XRP derivatives climbed above $4 billion.
Technical indicators show XRP remains locked in a descending channel, with resistance at $2.265–$2.270 and support likely to be tested again near $2.15.
Despite ongoing product developments from Ripple—including a new stablecoin (RLUSD) and RWA pilots in Asia and the Middle East—investors appear unconvinced in the short term, with macro risk and liquidity rotation weighing on altcoin sentiment.
Market participants now watch for a potential bounce above $2.21 to invalidate the bearish structure, though momentum currently favors sellers.
